Make Your Home Safer and More Disaster Resistant
Many older people may feel more comfortable living in a home with a so- phisticated alarm system that alerts the police, fire department and even emergen- cy medical services if there is disaster. These systems may also provide peace of mind for those who spend much of their retirement traveling and are away from home. The good news is that many home- owners insurers also give discounts of 15 to 20 percent off a standard policy if you have installed recognized safety systems. Most insurance companies will also give discounts for of at least 5 percent for sim- ple safety devices such as smoke detec- tors, burglar alarms and dead-bolt locks. You may also qualify for a discount if
you make your home more resistant to windstorms and other natural disasters. Adding storm shutters and shatter-proof glass, reinforcing your roof, as well as ret- rofitting an older home to withstand an earthquake and modernizing heating, plumbing and electrical systems will not only make your home safer, but may also have a positive effect on your home insur- ance premium.
Consider Life Insurance There are important financial reasons
for maintaining your life insurance poli- cy beyond the age of 65. Boomers are the quintessential ‘sandwich’ generation, and many will be nearing or entering retire- ment with responsibilities for both chil- dren and aging parents. Life insurance can help you fulfill your financial obliga- tions, should you die with survivors who are both older and/or younger than you. Whole or Universal life may be a good choice for policyholders aged 65-plus be- cause of the savings component. While life insurance is an important means of protecting financially a surviving spouse, disabled adult children or other depen- dents, some boomers may also want to use it as a mechanism to provide a dona- tion to a beloved charity after they are deceased.
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Look Into Immediate Annuities There are many types of annuities,
each designed for a specific financial goal. To help provide protection against outliv- ing your assets, an immediate annuity may make sense. Social Security pays re- tirement income for as long as you live, as do defined-benefit pension plans, but the only other source of income available that continues indefinitely is an immediate an- nuity. An annuity may also provide some protection against creditors, as generally creditors can access only the payments from an immediate annuity as they are made, not the lump sum of money initial- ly provided to the insurance company. Some state statutes and court decisions also protect some or all of the payments from those annuities.
Take Advantage of Discounts and Other Money Saving Tips With boomers interested in cutting
costs, there are fortunately many ways to reduce insurance premiums. The best ways to immediately cut auto and home- owners insurance policy costs are to shop around for a company that provides both a great price and outstanding service, take a higher deductible and ask about all avail- able insurance discounts. Insurance com- panies offer a wide variety of discounts,
CELEBRATING 11 YEARS OF DIVERSITY
such as for good credit. Auto insurers will also give premium
rate discounts for car pooling, a safe driv- ing record and cars equipped with anti- theft devices. Some auto insurers will also provide discounts for those 55 years or older with safe driver records, as older drivers are less likely to drive aggressive- ly or too fast. Home insurers will generally offer dis-
counts for those 55 years old and older who are retired. If you have completely modernized your plumbing or electrical system recently, some companies may also provide a price break.
Schedule an Insurance Review to Reflect Life Changes You generally don’t live to 65 without
a number of major life events and all these changes will have an impact on your in- surance needs. Marriage, divorce, retire- ment, career changes and even adult chil- dren who move back home (sometimes with children of their own) should be re- flected in your insurance planning. Make sure your insurance professional knows about all of these changes, along with any major home-improvement purchases or property expansions, and get his or her advice on how to adjust your insurance coverages to match your life changes. Source: Insurance Information Institute
PROFESSIONAL WOMAN’S MULTICULTURAL MAGAZINE 79
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